DAX moves down after another Spanish downgrade

German DAX index followed the overall trend in European stock market and traded lower. Spanish 10-year yields hit critical 7% mark while Italian borrowing costs soared during auction. Investors also priced in Spanish downgrade by Moody's and Egan-Jones. Moreover uncertainty appeared over Greek neighbour country Cyprus. Car makers who depend on economic growth experienced another weak session. Daimler AG fell 3.4% and BMW AG dropped 3.3%. At the moment of writing DAX is 1% or 62 points down at 6090.